The veteran sketch comedy series' 35th season has already featured several rising young hotties as hosts, with less than stellar results. Megan Fox, who hosted the season premiere, and January Jones, who hosted a couple weeks ago, were widely derided as unfunny and out of their element. Only Taylor Swift, who hosted and served as musical guest, seemed to click with the cast and viewers.Another new episode of 'Saturday Night Live,' another hot young starlet as host.

The veteran sketch comedy series' 35th season has already featured several rising young hotties as hosts, with less than stellar results. Megan Fox, who hosted the season premiere, and January Jones, who hosted a couple weeks ago, were widely derided as unfunny and out of their element. Only Taylor Swift, who hosted and served as musical guest, seemed to click with the cast and viewers.

Lively, at least, isn't a total 'SNL' newbie. Last year, she made a brief appearance in a pre-taped sketch alongside host James Franco. (See video clip below, which contains some risqué sex talk.) The part was barely a walk-on, but Lively acquitted herself as someone who could keep a straight face while reciting outrageous punchlines.

James Franco and Blake Lively on 'Saturday Night Live'

Like nearly everyone else hosting 'Saturday Night Live,' Lively has a project to promote. In 'The Private Lives of Pippa Lee,' an indie drama opening Nov. 27, she plays the title character as a young woman. (Robin Wright Penn plays the middle-aged Pippa.) Lively also appears in the anthology film 'New York, I Love You,' which opened last month and is still playing on some art-house screens. And of course, there's 'Gossip Girl,' now in its third season.